ETE » Topics » Cash Distributions Received by the Parent Company

This excerpt taken from the ETE 10-Q filed May 11, 2009.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s Incentive Distribution Rights and 62,500,797 ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP related to its limited partner interests, general partner interest and Incentive Distribution Rights during the three months ended March 31, 2009 was $55.9 million, $4.6 million and $79.3 million, respectively.

These excerpts taken from the ETE 10-K filed Mar 2, 2009.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s incentive distribution rights and ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the periods ended as noted below is as follows:

 

     Year Ended
December 31,
2008
    Four Months
Ended
December 31,
2007
   Years Ended August 31,  
        2007    2006  

Limited Partners Interests

   $ 236,331     $ 51,563    $ 174,969    $ 80,203  

General Partner Interest

     17,851       3,553      12,701      6,931  

Incentive Distribution Rights

     305,072       59,315      183,056      64,436  

Less holdback (a)

     (13,098 )     —        —        (2,287 )
                              

Total distributions received from ETP

   $ 546,156     $ 114,431    $ 370,726    $ 149,283  
                              

 

(a) Represents amounts held back for reimbursement of expenses and contributions required to maintain ETP GP’s 2% General Partner interest in ETP.

 

90


Table of Contents

Cash Distributions Received by the Parent Company

STYLE="margin-top:6px;margin-bottom:0px">Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of
ETP’s 2% general partner interest, 100% of ETP’s incentive distribution rights and ETP Common Units held by the Parent Company.

The total amount
of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the periods ended as noted below is as follows:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 






















































































































































   Year Ended
December 31,
2008
  Four Months
Ended
December 31,
2007
  Years Ended August 31, 
     2007  2006 

Limited Partners Interests

  $236,331  $51,563  $174,969  $80,203 

General Partner Interest

   17,851   3,553   12,701   6,931 

Incentive Distribution Rights

   305,072   59,315   183,056   64,436 

Less holdback (a)

   (13,098)  —     —     (2,287)
                 

Total distributions received from ETP

  $546,156  $114,431  $370,726  $149,283 
                 

 





(a)Represents amounts held back for reimbursement of expenses and contributions required to maintain ETP GP’s 2% General Partner interest in ETP.
STYLE="margin-top:0px;margin-bottom:0px"> 


90







Table of Contents


This excerpt taken from the ETE 10-Q filed Nov 10, 2008.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s Incentive Distribution Rights and 62,500,797 ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP related to its limited partner interests, general partner interest and Incentive Distribution Rights during the nine months ended September 30, 2008 was $180.5 million, $13.5 million and $229.3 million, respectively.

On May 15, 2008, ETP paid a per-unit distribution for the three months ended March 31, 2008 of $0.86875 per ETP Common Unit ($3.475 per unit on an annualized basis) to Unitholders of record at the close of business on May 5, 2008.

On August 14, 2008, ETP paid a per-unit distribution for the three months ended June 30, 2008 of $0.89375 per ETP Common Unit ($3.575 per unit on an annualized basis) to Unitholders of record at the close of business on August 14, 2008. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

On October 31, 2008, ETP declared a per unit cash distribution of $0.89375 ($3.575 per Limited Partner Unit annualized) for the three months ended September 30, 2008, which will be paid on November 14, 2008 to Unitholders of record as of the close of business on November 10, 2008. The total amount of distributions the Parent Company is entitled to receive from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the quarter ended September 30, 2008 is $55.9 million, $4.3 million and $75.8 million, respectively.

 

59


Table of Contents
This excerpt taken from the ETE 10-Q filed Aug 11, 2008.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s Incentive Distribution Rights and 62,500,797 ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP related to its limited partner interests, general partner interest and Incentive Distribution Rights during the six months ended June 30, 2008 was $124.6 million, $9.1 million and $153.6 million, respectively.

On May 15, 2008, ETP paid a per-unit distribution for the three months ended March 31, 2008 of $0.86875 per Common Unit ($3.475 per unit on an annualized basis) to Unitholders of record at the close of business on May 5, 2008.

On July 24, 2008, ETP declared a per-unit distribution for the three months ended June 30, 2008 of $0.89375 per Common Unit ($3.575 per unit on an annualized basis) to be paid on August 14, 2008 to Unitholders of record at the close of business on August 14, 2008. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10). The total amount of distributions the Parent Company is entitled to receive from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the quarter ended June 30, 2008 is $55.9 million, $4.3 million and $75.7 million, respectively.

This excerpt taken from the ETE 10-Q filed May 12, 2008.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s Incentive Distribution Rights and 62,500,797 ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP related to its limited partner interests, general partner interest and Incentive Distribution Rights during the three months ended March 31, 2008 was $70.3 million, $5.1 million and $85.8 million, respectively.

On April 24, 2008, ETP declared a per-unit distribution for the three-month period ended March 31, 2008 of $0.86875 per Common Unit ($3.475 per unit on an annualized basis) to Unitholders of record at the close of business on May 5, 2008. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10). The total amount of distributions the Parent Company is entitled to receive from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the quarter ended March 31, 2008 is $54.3 million, $4.0 million and $67.8 million, respectively.

This excerpt taken from the ETE 10-Q filed Jan 9, 2008.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s incentive distribution rights and ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights during the three months ended November 30, 2007 was $51.6 million, $3.6 million and $59.3 million, respectively.

On October 15, 2007, ETP paid a per unit cash distribution of $0.825, or $3.30 per Limited Partner Unit annually, for the fourth quarter of fiscal 2007, to Unitholders of record at the close of business on October 5, 2007. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

ETP changed its year end from August 31 to December 31 and, in connection with this change, ETP amended its partnership agreement to provide that, in lieu of making a cash distribution for the three month period ended November 30, 2007, ETP will make a cash distribution for the four-month period ended December 31, 2007. Based on this change in timing, as disclosed in the 8-K filed December 11, 2007, ETP’s management will recommend that the

 

54


Table of Contents

Board of Directors approve the payment of a four-month distribution to ETP unitholders of $1.1250 per unit, representing a distribution of $0.84375 per unit for the three-month period and $0.28125 per unit for the additional month.

If the Board of Directors approve the recommended four-month distribution to ETP unitholders of $1.1250 per unit, based on the number of ETP’s Common Units outstanding at November 30, 2007, the Parent Company would be entitled to receive a quarterly cash distribution of $160,722 (or $642,888 on an annualized basis), which consists of $5,083 from the indirect ownership of the 2% general partner interest in ETP, $85,325 from the indirect ownership of 100% of the incentive distribution rights in ETP, $70,314 from the Common Units of ETP.

This excerpt taken from the ETE 10-K filed Oct 30, 2007.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 100% of ETP’s incentive distribution rights and ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights for the years ended August 31, 2007, 2006 and 2005 is as follows:

 

     2007    2006     2005  

Limited Partners Interests

   $ 174,969    $ 80,203     $ 57,671  

General Partner Interest

     12,701      6,931       4,237  

Incentive Distribution Rights

     183,056      64,436       27,971  

Less holdback (a)

     —        (2,287 )     (8,182 )
                       

Total distributions received from ETP

   $ 370,726    $ 149,283     $ 81,697  
                       

(a) Represents amounts held back for reimbursement of expenses and contributions required to maintain ETP GP’s 2% General Partner interest in ETP.
This excerpt taken from the ETE 10-Q filed Jul 10, 2007.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, ETP’s incentive distribution rights and ETP Common Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights during the nine months ended May 31, 2007 was $124.6 million, $9.2 million and $126.2 million, respectively.

On June 20, 2007, ETP declared a per unit cash distribution of $0.80625, or $3.225 per Limited Partner Unit annually, for the quarter ended May 31, 2007, which will be paid on July 16, 2007 to Unitholders of record at the close of business on July 2, 2007. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

Based on ETP’s current quarterly distribution of $0.80625 per unit and the number of its Common Units outstanding at May 31, 2007, the Parent Company would be entitled to receive a quarterly cash distribution of $110,681 (or $442,724 on an annualized basis), which consists of $3,477 from the indirect ownership of the 2% general partner interest in ETP, $56,813 from the indirect ownership of the incentive distribution rights in ETP, $50,391 from the Common Units of ETP.

This excerpt taken from the ETE 10-Q filed Apr 11, 2007.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, ETP’s incentive distribution rights and ETP Common and Class G Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights during the six months ended February 28, 2007 were $75.4 million, $5.8 million and $71.9 million, respectively.

On March 26, 2007, ETP declared a per unit cash distribution of $0.7875, or $3.15 per Limited Partner Unit annually for the quarter ended February 28, 2007, which will be paid on April 13, 2007 to Unitholders of record at the close of business on April 6, 2007. The current distribution includes incentive distributions payable to the General Partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

Based on ETP’s current quarterly distribution of $0.7875 per unit and the number of its Common Units outstanding at February 28, 2007, the Parent Company would be entitled to receive a quarterly cash distribution of $106,939 (or $427,756 on an annualized basis), which consists of $3,374 from the indirect ownership of the 2% general partner interest in ETP, $54,345 from the indirect ownership of the incentive distribution rights in ETP, $28,676 from the Common Units of ETP and $20,544 from the Class G Units of ETP.

This excerpt taken from the ETE 10-Q filed Jan 16, 2007.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, ETP’s incentive distribution rights and ETP Common and Class G Units held by the Parent Company.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights of ETP during the three months ended November 30, 2006 and 2005 were $27.3 million, $2.6 million and $20.0 million, respectively.

On December 19, 2006, ETP declared a per unit cash distribution of $0.7678 for the quarter ended November 30, 2006, which will be paid on January 15, 2007 to ETP Unitholders of record at the close of business on January 4, 2007. ETE will receive distributions on January 15, 2007 from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights of ETP of $48.0, million $3.3 million and $51.9 million, respectively.

 

50


Table of Contents
This excerpt taken from the ETE 10-K filed Nov 29, 2006.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are its direct and indirect partnership interests in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 50% of ETP’s incentive distribution rights and ETP Common Units held by the Parent Company. As discussed above, we purchased the remaining 50% of ETP’s incentive distribution rights subsequent to August 31, 2006.

The total amount of distributions the Parent Company received from ETP relating to its limited partner interests, general partner interest and Incentive Distribution Rights of ETP for the years ended August 31, 2006, 2005 and 2004 are as follows:

 

     2006     2005     2004

Limited Partners Interests

   $ 80,203     $ 57,671     $ 20,411

General Partner Interest

     6,931       4,237       1,059

Incentive Distribution Rights

     64,436       27,971       2,890

Less holdbacks (a)

     (2,287 )     (8,182 )     —  
                      

Total distributions received from ETP

   $ 149,283     $ 81,697     $ 24,360
                      

(a) Represents amounts held back for reimbursement of expenses and contributions required to maintain ETP GP’s 2% General Partner interest in ETP.

 

72


Table of Contents
This excerpt taken from the ETE 10-Q filed Jul 14, 2006.

Cash Distributions Received by the Parent Company

 

Currently, the Parent Company’s only cash-generating assets are the partnership interests it directly or indirectly holds in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 50% of ETP’s incentive distribution rights which are indirectly owned by the Parent Company through its ownership of ETP GP and ETP LLC, and ETP Common Units and Class F Units held by the Parent Company.

 

ETP uses the cash provided by operating and financing activities from its Operating Partnerships to provide distributions on its Unitholders. Under ETP’s partnership agreement, ETP distributes to its partners an amount equal to all of its available cash for such quarter within 45 days after the end of each fiscal quarter. Available cash generally means, with respect to any quarter of ETP, all cash on hand at the end of such quarter less the amount of cash reserves established by ETP GP in its reasonable discretion that are necessary or appropriate to provide for ETP’s future cash requirements.

 

On October 14, 2005, ETP paid a quarterly distribution of $0.50 per unit, or $2.00 per unit annually to ETP Unitholders of record as of the close of business on September 30, 2005. This distribution represented an increase of $0.05 per unit on an annualized basis over the distribution paid for the third quarter of fiscal 2005. On January 13, 2006, ETP paid a cash distribution of $0.55 per unit, or $2.20 per unit annually to ETP Unitholders of record at the close of business on January 4, 2006. Total distributions to the Parent Company from the ETP distributions on October 14, 2005 and January 13, 2006 were $30.7 million, and $37.7 million, respectively.

 

On April 14, 2006, ETP paid a cash distribution for the second quarter ended February 28, 2006 of $0.5875 per Limited Partner unit, or $2.35 per unit annually, an increase of $0.15 per Limited Partner unit on an annualized basis to unitholders of record at the close of business on March 24, 2006. The distribution received from ETP by the Parent Company for the quarter ended February 28, 2006 with respect to its indirect ownership of the incentive distribution rights of ETP was prorated based upon the portion of the fiscal quarter beginning on the first day of trading of the Parent Company’s Common Units, which was February 3, 2006, to the end of the quarter on February 28, 2006. As a result, the Parent Company’s indirect ownership of the incentive distribution rights was 100% up to February 3 2006 and 50% thereafter. As prorated, the Parent Company received distributions totaling $42.6 million (or $138.3 million on an annualized basis) in connection with this April 2006 ETP distribution. This payment consisted of $1.8 million from indirect ownership of the 2% general partner interests in ETP, $19.4 million from the prorata indirect ownership of the incentive distribution rights of ETP and $21.4 million from Common Units and Class F Units that the Parent Company currently holds.

 

On May 1, 2006, pursuant to its General Partner authority, the ETP Partnership Agreement was amended to permit ETP’s General Partner to declare its next quarterly distribution prior to the close of such quarter. On May 8, 2006, ETP declared and accrued a cash distribution of $0.6375, or $2.55 per limited partner unit annually, a $0.20

 

47


Table of Contents

increase per Limited Partner Unit, for the third quarter ended May 31, 2006 that will be paid on July 14, 2006 to Unitholders of record at the close of business on June 30, 2006. As of May 31, 2006, in accordance with generally accepted principles an accrued liability of $61.4 million was recorded in our condensed consolidated balance sheet for the distribution payable to Unitholders other than ETE.

 

On June 20, 2006, ETP announced that the Board of Directors of its general partner declared a special distribution of $0.0325 per limited partner unit related to the proceeds ETP received in connection with the SCANA litigation settlement. This distribution will be paid on July 14, 2006 to the holders of record of ETP’s Common and Class F Units as of the close of business on June 30, 2006, (the same time the third quarterly distribution is paid). This special one-time payment was approved following a determination by the Litigation Committee of ETP’s General Partner to distribute all of the net distributable litigation proceeds received in accordance with ETP’s Partnership Agreement. The distribution of the net distributable litigation proceeds also includes a payment to the holder of ETP’s Class C Units for that amount normally allocated to ETP’s General Partner, which will be approximately $3.6 million. Upon making the payment to the holders of ETP’s Class C Units, all 1,000,000 outstanding Class C Units will be retired and canceled.

 

Prior to the IPO, the Parent Company received distributions from ETP on 100% of ETP’s incentive distribution rights. Simultaneous with the IPO, ETP GP created a profits interest attributable solely to the ownership of ETP’s incentive distribution rights, called Class B limited partner interests and issued 50% of these Class B limited partner interests to Energy Transfer Investments, L.P., a limited partnership made up of the partners of the Parent Company just prior to the time of the IPO. Consequently, after the IPO the Parent Company will receive distributions from ETP with respect to 50% of the incentive distribution rights. The current distribution includes incentive distributions payable to the general partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

 

This excerpt taken from the ETE 10-Q filed Apr 14, 2006.

Cash Distributions Received by the Parent Company

Currently, the Parent Company’s only cash-generating assets are the partnership interests it directly or indirectly holds in ETP. These ETP interests consist of all of ETP’s 2% general partner interest, 50% of ETP’s incentive distribution rights which are indirectly owned by the Parent Company through its ownership of ETP GP and ETP LLC, and ETP Common Units and Class F Units held by the Parent Company.

ETP uses the cash provided by operating and financing activities from its Operating Partnerships to provide distributions on its partnership interests. Under ETP’s partnership agreement, ETP distributes to its partners an amount equal to all of its available cash for such quarter within 45 days after the end of each fiscal quarter. Available cash generally means, with respect to any quarter of ETP, all cash on hand at the end of such quarter less the amount of cash reserves established by ETP GP in its reasonable discretion that are necessary or appropriate to provide for ETP’s future cash requirements. On October 14, 2005, ETP paid a quarterly distribution of $0.50 per unit, or $2.00 per unit annually to ETP Unitholders of record as of the close of business on September 30, 2005. This distribution represented an increase of $0.05 per unit on an annualized basis over the distribution paid for the third quarter of fiscal 2005. On January 13, 2006, ETP paid a cash distribution for the quarter ended November 30, 2005 of $0.55 per unit, or $2.20 per unit annually, to ETP Unitholders of record at the close of business on January 4, 2006. Total distributions to the Parent Company from the ETP distributions on October 14, 2005 and January 13, 2006 were $30.7 million, and $37.7 million, respectively. On March 7, 2006, ETP declared a cash distribution for the second quarter ended February 28, 2006 of $0.5875 per unit, or $2.35 per unit annually, an increase of $0.15 per unit on an annualized basis. The distribution is payable on April 14, 2006 to unitholders of record at the close of business on March 24, 2006. The distribution received from ETP by the Parent Company for the quarter ended February 28, 2006 with respect to it’s indirect ownership of the incentive distribution rights of ETP will be prorated

 

46


Table of Contents

based upon the portion of the fiscal quarter beginning on the first day of trading of the Parent Company’s Common Units, which was February 3, 2006, to the end of the quarter on February 28, 2006. As a result, the Parent Company’s indirect ownership of the incentive distribution rights was 100% up to February 3 2006 and 50% thereafter. As prorated, the Parent Company expects to receive distributions totaling $42.6 million (or $138.3 million on an annualized basis) in connection with this April 2006 ETP distribution. This payment consists of $1.8 million from indirect ownership of the 2% general partner interests in ETP, $19.4 million from the prorata indirect ownership of the incentive distribution rights of ETP and $21.4 million from Common Units and Class F Units that the Parent Company currently holds.

Prior to the IPO, the Parent Company received distributions from ETP on 100% of ETP’s incentive distribution rights. Simultaneous with the IPO, ETP GP created a profits interest attributable solely to the ownership of ETP’s incentive distribution rights, called Class B limited partner interests and issued 50% of these Class B limited partner interests to Energy Transfer Investments, L.P., a limited partnership made up of the partners of the Parent Company just prior to the time of the IPO. Consequently, after the IPO the Parent Company will receive distributions from ETP with respect to 50% of the incentive distribution rights. The current distribution includes incentive distributions payable to the general partner to the extent the quarterly distribution exceeds $0.275 per unit (an annualized rate of $1.10).

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki